Foreclosures are still happening all over the country as well as right here in Worcester. A local family has waged an impressive fight against their lender and mortgage owner in an attempt to avoid eviction.
The family bought its house at the height of the housing market and was able to make their mortgage payments based on one of the parent's incomes. When that individual lost his job, however, it became challenging to keep up with the payments after the family's savings were spent.
They attempted to secure a modification with their lender and for several months paid a modified sum. That modification was eventually denied continuation by the lender and foreclosure proceedings were initiated against the real estate.
Though the family has since regained its income and is able to afford the mortgage again, the lender sold the loan to Freddie Mac and that organization has commenced eviction proceedings against the family. The family even worked with the nonprofit Boston Community Capital to repurchase their home but found out that due to prior foreclosure scams Freddie Mac will not work with the nonprofit because it had an affiliation with the family before the eviction proceedings began.
Some see this tactic on the part of Freddie Mac as unfair. Since Boston Community Capital would have bought the home from Freddie Mac and then turned around and sold it back to the family, some believe that Freddie Mac is more concerned about getting high profits than helping people get back on their feet.
As the family continues to appeal the eviction other individuals facing eviction from foreclosure may begin to wonder just how long they have before they will be forced out of their homes. Though every foreclosure and eviction process can be different, experienced real estate professionals can help families like this one fight to stay in the homes they love.
Source: Worcester Telegram News, "Freddie Mac stalls on family re-purchase of Worcester home in foreclosure," Paula J. Owen, Oct. 21, 2013